Europe Market Open: FRC pressured though US futures found reprieve from big tech earnings
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Newsquawk Rundown, Daily Podcast
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- APAC stocks were mostly lower after the losses on Wall St where banking sector fears resurfaced as First Republic Bank shares fell by 50%.
- First Republic (FRC) is struggling to come up with a viable solution such as a sale of all or part of the bank, according to the FT.
- US equity futures found some reprieve overnight from big tech earnings; Alphabet +1.7% after-hours, Microsoft +8.5%.
- European equity futures are indicative of a weaker open with Euro Stoxx 50 future -0.6% after the cash market closed lower by 0.5% yesterday.
- DXY is flat on a 101 handle, EUR/USD is back below 1.10, AUD marginally lags post-inflation data.
- Looking ahead, highlights include German GfK, US Durable Goods & Retail Inventories, Riksbank Policy Announcement, BoC Minutes, Speech from ECB's de Guindos, Supply from Germany & US.
- Earnings from Deutsche Boerse, UMG, Roche, Standard Chartered, Persimmon, GSK, Smith & Nephew, Meta, Boeing, Thermo Fisher, ADP & American Tower.
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US Market Open: ECB pricing for 25bp lifts after the ECB BLS, ahead of US JOLTS & earnings
- European bourses mostly softer in catch-up trade from the long weekend, US futures similar with attention on the Fed, debt ceiling & earnings
- AUD outperforms after a RBA hike and hawkish guidance, DXY picking up above 102.00 after pivoting the figure while EUR & GBP fade
- EGBs softer in corrective post-ISM trade though off lows as the ECB BLS sparked a dovish reaction
- Subsequently, the EZ Flash HICP measure saw little sustained reaction with market pricing now implying an 80% chance of 25bp in May
- Crude benchmarks choppy with underlying pressure given the above market skew, metals mixed
- US Treasury Secretary Yellen said the debt ceiling could become binding as soon as June 1st; Biden has called a congressional leaders meeting for May 9th
- Looking ahead, highlights include US Factory Orders, JOLTS, New Zealand Unemployment. Earnings from AMD & Pfizer.
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Europe Market Open: AUD leads after surprise RBA 25bp hike, EZ HICP & ECB Bank Lending Survey ahead
- APAC stocks traded with a slight positive bias as many of the regional participants returned to the market from the long weekend.
- The RBA surprised markets with a 25bps rate increase, while the central bank's language remained hawkish with the Board expecting some further tightening of monetary policy will be needed.
- European equity futures are indicative of a mildly higher open with the Euro Stoxx 50 +0.2% after the index was unchanged Friday.
- DXY is marginally softer but holding above 102, AUD is the clear outperformer post-RBA, EUR/USD sits on a 1.09 handle.
- Looking ahead, highlights include German Retail Sales, EZ & UK Final Manufacturing PMI, EZ HICP (Flash), M3, US Factory Orders, JOLTS, New Zealand Unemployment, ECB Bank Lending Survey, Supply from Germany, Earnings from UniCredit, BP, HSBC, AMD & Pfizer.
Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
US Market Open: Sentiment hit by mostly sub-consensus EZ data ahead of US PCE/ECI
- European sentiment pressured by Flash-Prelim. growth data while earnings remain in focus
- A dynamic that has eased somewhat since the EZ-wide figure, Euro Stoxx 50 -0.7%, with attention on upcoming US data points/earnings
- AMZN initially rose but is currently -2% in pre-market with the focus on AWS; in Europe, banking names lag amid NatWest and yield action
- DXY eclipsed 102.00 as JPY sinks as BoJ maintains ultra-easy policy and gives dovish sounding guidance
- EGBs bid given the mostly sub-consensus EZ data, though off highs, USTs moving in-tandem
- Looking ahead, highlights include German HICP Prelim., US PCE Price Index, ECI, Speech from ECB's Lagarde, Earnings from Colgate, Berkshire Hathaway.
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Europe Market Open: BoJ maintained policy & tweaked forward guidance, AMZN signals lower AWS growth
- APAC stocks were positive after taking impetus from the rally on Wall St while the region also digested a slew of earnings, data and the BoJ.
- BoJ kept policy settings unchanged, tweaked its forward guidance which remained dovish and announced it is to conduct a policy review.
- Amazon shares initially rose by some 9% in after-hours trade post-earnings before dropping to losses of 2% with some highlighting the Co. signalling lower AWS growth.
- European equity futures are indicative of a firmer open with Euro Stoxx 50 future +0.4% after the cash market closed higher by 0.2% yesterday.
- DXY is broadly firmer vs. peers, EUR/USD maintains 1.10 status, JPY lags post-BoJ and Cable fails to hold onto a 1.25 handle.
- Looking ahead, highlights include EZ GDP Flash, German HICP Prelim., US PCE Price Index, ECI, Speech from ECB's Lagarde, Earnings from Mercedes-Benz, NatWest, Colgate, Berkshire Hathaway & Chevron.
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US Market Open: Earnings deluge dominates with NQ leading post-META, +11% pre-market
- European bourses relatively contained but with an underlying positive skew after a deluge of earnings.
- NQ outperforms post-META (+11% pre-market) with AMZN, among others, ahead.
- DXY edges above 101.50 with antipodeans outperforming while JPY and CHF are undermined by yields.
- EGBs remain subdued but have bounced off initial lows post-supply, USTs in-fitting pre-7yr/GDP
- Crude consolidates with metals mixed overall given the contained European tone and USD upside.
- Looking ahead, highlights include US GDP & PCE Prices Advance, CBRT Policy Announcement, Speech from ECB's Panetta, Supply from the US. Earnings from Amazon, AbbVie Exxon, Mastercard, Linde, Lilly, T-Mobile, and Altria.
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